Around 8:15 p.m. EST, US President Donald Trump bashed at the hottest trend of money, the Bitcoin and other cryptocurrencies. Following his bitter tone for crypto, Justin Sun, Tron CEO, invites Trump to join him and other crypto leaders at Buffett lunch with Warren Buffett, to be held on July 25, to understand the cryptocurrencies better.
Donald Trump Slams Bitcoin, Libra, and Cryptocurrencies
The 45th US President, Donald Trump said he’s not a fan of Bitcoin and says Facebook’s crypto must follow all banking regulations just like other banks. Trump’s comment hints the severe concern of global regulators over Bitcoin and Facebook’s entry into the crypto industry.
In a series of Tweets, Presides railed against Bitcoin, Libra, and other cryptocurrencies, citing USD as a real currency in the USA which is stronger than ever. All three tweets read as follows;
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…
“…Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
“…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
On one hand, it hints the severe deliberation of regulators on crypto for the long term – on the other hand, it invites criticizing comments from the crypto community. Few prominent leaders of the crypto community, including Shapeshift CEO “Erik Voorhees” expressed his annoyance on Trump’s statement. He said,
“Unlike children, Mr.President. you can’t put Bitcoin in a cage.”
Justin Sun Invites Trump to Buffett Lunch
But at the center of Trump’s firing tweet on Bitcoin & Libra, there’s Justin Sun, CEO of TRON who excitedly took to Twitter and invited Trump to have lunch with crypto leaders along with Warren Buffett. The long-awaited Buffett lunch is just two weeks away from today and Sun strongly bet, if Trump joined him in Buffett lunch, “nobody will know crypto more than Trump.”
Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you! https://t.co/ZpRFEbninv
— Justin Sun (@justinsuntron) July 12, 2019
Its worth to note that – so far, Tron CEO has invited executives of only three companies for Buffett lunch – Binance, Huobi, and Litecoin.
As far as Trump’s tweets are concerned, it came in the wake of Trump’s Social Media Summit at the White House, which was a closed-door conference. Notably, during the event, President Donald Trump accused Facebook and Twitter of censoring him and conservative commentators. Moreover, it’s essential to note, Calibra’s CEO David Marcus will soon be discussing the company’s plans for Libra and privacy concerns in front of a Senate committee.
Of course, it will be interesting to see how Trump responds to Tron CEO. Also, even negative publicity is sometimes what one thing needs, maybe Trump raising his voice against Bitcoin and crypto, in general, would make more people search and learn about it. So, this all could probably turn out to be a positive thing for the crypto sphere in the long-run.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.